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One definition of value is "Whatever someone is willing to pay for it." And that may be very different from its price.
Yes, some properties are worth more to one person than they are to others. Could be commute, school district, closeness to relatives, etc, etc which could add value in ways other than price.
Big dilemna, it has the whole luxury industry in knots trying to figure it out. A
This question reminds me of "you get what you pay for". Nearly everything has a price. There are far fewer things that have value.
Often there is.
Basically, 'value' means a 'fair return' (for the price paid), at least for goods.
That being said, I had no value for a $0.99 wrench that I once bought and broke on the first use. The $9.99 wrench that replaced it is still in my toolbox 4 decades later. I upvoted your answer, John Meussner.
Well, I'll say this quote, Jesse Castro -
"Price is the issue in the absence of Value!"
(Provide the value - if the home has something unique, price will automatically be RIGHT - read Bob Crane 's recent post on that.)
There's a difference between price and value as well as a correlation.
My husband and I are value buyers. If we believe we are receiving a good value for the price, we proceed. Price alone does not guarantee a sale, at least for us.